Aeva Reports First Quarter 2023 Results
Business Wire 10-May-2023 4:05 PM
Progressing with Top-10 OEM: First vehicles built using Aeva 4D LiDAR, in discussion to deepen relationship around perception software development
Working with Fabrinet to expand capacity to support ongoing customer development and increasing opportunities
Aeva® (NYSE:AEVA), a leader in next-generation sensing and perception systems, today announced its first quarter 2023 results.
Key Company Highlights
-
Strong progress with Top-10 OEM, including enabling key safety use case previously unachievable with 3D ToF LiDAR and in discussion for perception software development
-
Continued traction in automotive with increasing number of RFQs
-
Multiple engagements to implement Aeva's perception platform for precision distance measurement
-
Successfully completed bring-up of new final assembly manufacturing line to support ongoing and additional engagements
-
Working with Fabrinet to increase capacity and further automate LiDAR-on-chip module manufacturing
"We are progressing well on our engagement with a Top-10 OEM and are in discussion to deepen our relationship," said Soroush Salehian, Co-Founder and CEO at Aeva. "This highlights the growing interest from industry leaders to leverage the unique capabilities and scalability of Aeva's 4D LiDAR-on-chip technology to bring next-generation perception to market. Our focus in 2023 continues to be on ongoing development with key partners and securing additional wins toward production."
First Quarter 2023 Financial Highlights
-
Cash, Cash Equivalents and Marketable Securities
-
Cash, cash equivalents and marketable securities of $288.4 million as of March 31, 2023
-
Revenue
-
Revenue of $1.1 million in Q1 2023, compared to revenue of $1.1 million in Q1 2022
-
GAAP and Non-GAAP Operating Loss*
-
GAAP operating loss of $37.3 million in Q1 2023, compared to GAAP operating loss of $34.1 million in Q1 2022
-
Non-GAAP operating loss of $31.3 million in Q1 2023, compared to non-GAAP operating loss of $28.3 million in Q1 2022
-
GAAP and Non-GAAP Net Loss per Share*
-
GAAP net loss per share of $0.16 in Q1 2023, compared to GAAP net loss per share of $0.15 in Q1 2022
-
Non-GAAP net loss per share of $0.13 in Q1 2023, compared to non-GAAP net loss per share of $0.13 in Q1 2022
-
Shares Outstanding
-
Weighted average shares outstanding of 219.6 million in Q1 2023
*Tables reconciling GAAP to non-GAAP measures are provided at the end of this release. Aeva believes that such non-GAAP measures are useful as supplemental measures of Aeva's performance.
Conference Call Details
The company will host a conference call and live webcast to discuss results at 2:00 p.m. PT / 5:00 p.m. ET today, May 10, 2023. The live webcast and replay can be accessed at investors.aeva.com.
About Aeva Technologies, Inc. (NYSE:AEVA)
Aeva's mission is to bring the next wave of perception to a broad range of applications from automated driving to industrial robotics, consumer electronics, consumer health, security and beyond. Aeva is transforming autonomy with its groundbreaking sensing and perception technology that integrates all key LiDAR components onto a silicon photonics chip in a compact module. Aeva 4D LiDAR® sensors uniquely detect instant velocity in addition to 3D position, allowing autonomous devices like vehicles and robots to make more intelligent and safe decisions. For more information, visit www.aeva.com, or connect with us on Twitter or LinkedIn.
Aeva, the Aeva logo, 4D LiDAR, Aeries, Ultra Resolution, 4D Perception, and 4D Localization are trademarks/registered trademarks of Aeva, Inc. All rights reserved. Third-party trademarks are the property of their respective owners.
Forward-looking statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Forward-looking statements in this press release include our beliefs regarding our financial position and operating performance for the first quarter 2023 and business objectives for 2023, along with our expectations with respect to our orders, product shipments, manufacturing plans and engagement with other customers. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, but not limited to: (i) the fact that Aeva is an early stage company with a history of operating losses and may never achieve profitability, (ii) Aeva's limited operating history, (iii) the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities, (iv) the ability for Aeva to have its products selected for inclusion in OEM products and (v) other material risks and other important factors that could affect our financial results. Please refer to our filings with the SEC, including our most recent Form 10-Q and Form 10-K. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Aeva assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Aeva does not give any assurance that it will achieve its expectations.
AEVA TECHNOLOGIES, INC.
|
Condensed Consolidated Balance Sheet
|
(Unaudited)
|
(In thousands)
|
|
|
|
|
|
|
|
March 31,
2023
|
|
December 31,
2022
|
|
|
|
|
|
ASSETS
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
31,864
|
|
|
$
|
67,420
|
|
Marketable securities
|
|
|
256,542
|
|
|
|
256,392
|
|
Accounts receivable
|
|
|
2,445
|
|
|
|
2,887
|
|
Inventories
|
|
|
3,006
|
|
|
|
2,951
|
|
Other current assets
|
|
|
4,683
|
|
|
|
5,473
|
|
Total current assets
|
|
|
298,540
|
|
|
|
335,123
|
|
Operating lease right-of-use assets
|
|
|
6,658
|
|
|
|
7,402
|
|
Property, plant and equipment, net
|
|
|
10,689
|
|
|
|
9,720
|
|
Intangible assets, net
|
|
|
3,300
|
|
|
|
3,525
|
|
Other noncurrent assets
|
|
|
862
|
|
|
|
862
|
|
TOTAL ASSETS
|
|
$
|
320,049
|
|
|
$
|
356,632
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
Accounts payable
|
|
$
|
3,857
|
|
|
$
|
5,182
|
|
Accrued liabilities
|
|
|
3,856
|
|
|
|
9,063
|
|
Accrued employee costs
|
|
|
3,414
|
|
|
|
4,721
|
|
Lease liability, current portion
|
|
|
2,535
|
|
|
|
2,667
|
|
Other current liabilities
|
|
|
194
|
|
|
|
194
|
|
Total current liabilities
|
|
|
13,856
|
|
|
|
21,827
|
|
Lease liability, noncurrent portion
|
|
|
4,167
|
|
|
|
4,789
|
|
Warrant liability
|
|
|
62
|
|
|
|
90
|
|
TOTAL LIABILITIES
|
|
|
18,085
|
|
|
|
26,706
|
|
STOCKHOLDERS' EQUITY:
|
|
|
|
|
Common stock
|
|
|
22
|
|
|
|
22
|
|
Additional paid-in capital
|
|
|
649,756
|
|
|
|
643,756
|
|
Accumulated other comprehensive loss
|
|
|
(2,373
|
)
|
|
|
(3,585
|
)
|
Accumulated deficit
|
|
|
(345,441
|
)
|
|
|
(310,267
|
)
|
TOTAL STOCKHOLDERS' EQUITY
|
|
|
301,964
|
|
|
|
329,926
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
320,049
|
|
|
$
|
356,632
|
|
|
|
|
|
|
|
|
|
|
AEVA TECHNOLOGIES, INC.
|
Condensed Consolidated Statements of Operations
|
(Unaudited)
|
(In thousands, except share and per share data)
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
2023
|
|
|
|
2022
|
|
Revenue
|
|
$
|
1,148
|
|
|
$
|
1,137
|
|
Cost of revenue (1)
|
|
|
2,529
|
|
|
|
1,375
|
|
Gross profit (loss)
|
|
|
(1,381
|
)
|
|
|
(238
|
)
|
Operating expenses:
|
|
|
|
|
Research and development expenses (1)
|
|
|
25,454
|
|
|
|
25,315
|
|
General and administrative expenses (1)
|
|
|
7,833
|
|
|
|
6,872
|
|
Selling and marketing expenses (1)
|
|
|
2,598
|
|
|
|
1,648
|
|
Total operating expenses
|
|
|
35,885
|
|
|
|
33,835
|
|
Operating loss
|
|
|
(37,266
|
)
|
|
|
(34,073
|
)
|
Interest income
|
|
|
2,064
|
|
|
|
283
|
|
Other income, net
|
|
|
28
|
|
|
|
633
|
|
Loss before income taxes
|
|
|
(35,174
|
)
|
|
|
(33,157
|
)
|
Income tax provision
|
|
|
—
|
|
|
|
—
|
|
Net loss
|
|
$
|
(35,174
|
)
|
|
$
|
(33,157
|
)
|
Net loss per share, basic and diluted
|
|
$
|
(0.16
|
)
|
|
$
|
(0.15
|
)
|
Weighted-average shares used in computing net loss per share, basic and diluted
|
|
|
219,627,827
|
|
|
|
216,017,186
|
|
|
|
|
|
|
(1) Includes stock-based compensation as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
2023
|
|
|
|
2022
|
|
Cost of revenue
|
|
$
|
330
|
|
|
$
|
136
|
|
Research and development expenses
|
|
|
4,410
|
|
|
|
4,323
|
|
General and administrative expenses
|
|
|
1,119
|
|
|
|
1,229
|
|
Selling and marketing expenses
|
|
|
104
|
|
|
|
96
|
|
Total stock-based compensation expense
|
|
$
|
5,963
|
|
|
$
|
5,784
|
|
|
|
|
|
|
|
|
|
|
AEVA TECHNOLOGIES, INC.
|
Condensed Consolidated Statements of Cash Flows
|
(Unaudited)
|
(In thousands)
|
|
|
Three Months Ended March 31,
|
|
|
|
2023
|
|
|
|
2022
|
|
Cash flows from operating activities:
|
|
|
|
|
Net loss
|
|
$
|
(35,174
|
)
|
|
$
|
(33,157
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
|
Depreciation and amortization
|
|
|
955
|
|
|
|
630
|
|
Impairment of inventories
|
|
|
45
|
|
|
|
767
|
|
Change in fair value of warrant liability
|
|
|
(28
|
)
|
|
|
(634
|
)
|
Stock-based compensation
|
|
|
5,963
|
|
|
|
5,784
|
|
Amortization of right-of-use assets
|
|
|
744
|
|
|
|
707
|
|
Amortization of premium and accretion of discount on available-for-sale securities, net
|
|
|
(632
|
)
|
|
|
435
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
Accounts receivable
|
|
|
442
|
|
|
|
2,130
|
|
Inventories
|
|
|
(100
|
)
|
|
|
(312
|
)
|
Other current assets
|
|
|
790
|
|
|
|
403
|
|
Other noncurrent assets
|
|
|
—
|
|
|
|
(1
|
)
|
Accounts payable
|
|
|
(1,749
|
)
|
|
|
1,890
|
|
Accrued liabilities
|
|
|
(5,207
|
)
|
|
|
(2,653
|
)
|
Accrued employee costs
|
|
|
(1,307
|
)
|
|
|
(1,332
|
)
|
Lease liability
|
|
|
(754
|
)
|
|
|
(696
|
)
|
Other current liabilities
|
|
|
—
|
|
|
|
(499
|
)
|
Net cash used in operating activities
|
|
|
(36,012
|
)
|
|
|
(26,538
|
)
|
Cash flows from investing activities:
|
|
|
|
|
Purchase of property, plant and equipment
|
|
|
(1,275
|
)
|
|
|
(1,283
|
)
|
Purchase of available-for-sale securities
|
|
|
(54,520
|
)
|
|
|
(82,284
|
)
|
Proceeds from maturities of available-for-sale securities
|
|
|
56,214
|
|
|
|
105,607
|
|
Net cash provided by investing activities
|
|
|
419
|
|
|
|
22,040
|
|
Cash flows from financing activities:
|
|
|
|
|
Payments of taxes withheld on net settled vesting of restricted stock units
|
|
|
(20
|
)
|
|
|
—
|
|
Proceeds from exercise of warrants
|
|
|
—
|
|
|
|
1
|
|
Proceeds from exercise of stock options
|
|
|
57
|
|
|
|
186
|
|
Net cash provided by financing activities
|
|
|
37
|
|
|
|
187
|
|
Net decrease in cash and cash equivalents
|
|
|
(35,556
|
)
|
|
|
(4,311
|
)
|
Beginning cash and cash equivalents
|
|
|
67,420
|
|
|
|
66,810
|
|
Ending cash and cash equivalents
|
|
$
|
31,864
|
|
|
$
|
62,499
|
|
|
|
|
|
|
|
|
|
|
AEVA TECHNOLOGIES, INC.
|
Reconciliation of GAAP to Non-GAAP Operating Results
|
(Unaudited)
|
(In thousands, except share and per share data)
|
|
|
|
|
|
Reconciliation from GAAP to non-GAAP operating loss
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
2023
|
|
|
|
2022
|
|
|
|
|
GAAP operating loss
|
|
$
|
(37,266
|
)
|
|
$
|
(34,073
|
)
|
Stock-based compensation
|
|
|
5,963
|
|
|
|
5,784
|
|
Non-GAAP operating loss
|
|
$
|
(31,303
|
)
|
|
$
|
(28,289
|
)
|
|
|
|
|
|
|
|
|
|
|
Reconciliation from GAAP to non-GAAP net loss
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
2023
|
|
|
|
2022
|
|
|
|
|
GAAP net loss
|
|
$
|
(35,174
|
)
|
|
$
|
(33,157
|
)
|
Stock-based compensation
|
|
|
5,963
|
|
|
|
5,784
|
|
Change in fair value of warrant liability
|
|
|
(28
|
)
|
|
|
(634
|
)
|
Non-GAAP net loss
|
|
$
|
(29,239
|
)
|
|
$
|
(28,007
|
)
|
|
|
|
|
|
|
|
|
|
|
Reconciliation between GAAP and non-GAAP net loss per share
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
2023
|
|
|
|
2022
|
|
Shares used in computing GAAP net loss per share:
|
|
|
|
|
Basic and diluted
|
|
|
219,627,827
|
|
|
|
216,017,186
|
|
GAAP net loss per share
|
|
|
|
|
Basic and diluted
|
|
$
|
(0.16
|
)
|
|
$
|
(0.15
|
)
|
Stock-based compensation
|
|
|
0.03
|
|
|
|
0.02
|
|
Change in fair value of warrant liability
|
|
|
(0.00
|
)
|
|
|
(0.00
|
)
|
Non-GAAP net loss per share
|
|
|
|
|
Basic and diluted
|
|
$
|
(0.13
|
)
|
|
$
|
(0.13
|
)
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230510005940/en/
